In a survey from the KuCoin exchange, there are approximately 115 million crypto investors as of June 2022. Despite high tax obligations, cryptocurrency capitalization in India is expected to reach $241 million in 2030.
According to the “Into The Cryptoverse Report India” survey conducted by the KuCoin exchange from October 2021 to June 2022, there are 115 million crypto investors in India as of June 2022. This figure accounts for 15% of the population between 18-60.
In Q1/2022, investors aged 18-30 made up the majority, with 39%. Also, about 39% of investors under 30 have only been on the market for less than three months. Also, in June, the United Nations Conference on Trade and Development (UNCTAD) stated that 7.3% of Indian citizens are using or using cryptocurrencies.
The survey also proves that Indian investors believe cryptocurrencies are the financial future. (56%) . About 54% believe cryptocurrency will give them a higher return on investment in the long run. Also, 52% of investors believe cryptocurrencies bring passive income and improve their quality of life. The figures above show that the age pyramid is getting younger for financial investments such as cryptocurrencies.
Indian Cryptocurrency Market Expected To Reach $241M By 2030
Income tax on digital assets in India is up to 30%. Despite high taxes, the number of investors under 30 still rose 7% per month in 1/2022. 10% of adults in India are savvy cryptocurrency consumers. The report also shows that the cryptocurrency capitalization in the country will be $241 million in 2030. Excerpts from the report are as follows:
“With our tech-focused young population, increasing internet users, and financial technology (fintech) developments, crypto is on its way to greater adoption. With regulatory environments and motivations, India has the opportunity to become a global crypto hub.”
But many figures show that investors face much pressure from the outside world. Typical, with 33% of respondents saying, “Government regulation is a concern when considering investing in crypto.” 26% fear hackers pose a threat, and 23% fear not getting their money back in case of a security incident. As can be seen, the increased attacks recently narrowed the investor protection corridor.